For the past two days, buyers have been attempting to push Ether to the peak price of $1,434. However, the upward move is stuck below the $1,290 resistance.
For the past week, Ether has rallied to a peak price of $1,435. Ethereum bulls could not continue with the upside momentum as the coin reached the overbought region. Sellers emerged as crypto plunged to $1,048 low.
This week buyers have taken control as they attempt to push the crypto upward. The battle is at the $1,300 resistance zone as buyers attempt to break the resistance zone. A fresh uptrend will resume if buyers succeed in breaking the resistance at $1.300 and $1,434. If the bullish scenarios are favourable, the biggest altcoin will reach a high of $1,845. Ethereum will be compelled to a range-bound movement if the current resistance levels remain unbroken.
Yesterday, the coin rebounded above the trend line and resumed upward. Each time the coin rebounds is an indication of a further upward movement of the coin. The coin is below the 30% range of the daily stochastic which indicates that Ether is in bearish momentum. This is contrary to the bullish price action.
Key Resistance Zones: $1600, $1,700, $1,800
Key Support Zones: $800, $700, $600
Ethereum has begun the next leg of a fresh uptrend as it battles the resistance at $1,300. Meanwhile, on January 9 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension. That is a high of $1,847.42.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.